Gold Climbs to an Eight-Month High

Gold prices rose to an 8-month high above $1,878 an ounce on Tuesday, as escalating tensions between Russia and the West over Ukraine drove investors out of riskier assets in favor of safe-haven bullion.

Gold prices jumped to an eight-month high on Tuesday, February 15, as investors turned away from risky assets and turned to the precious metal, which is considered a safe haven, as tensions increased between Russia and the West over Ukraine.

And gold rose in immediate transactions 0.4% to $ 1877.96 an ounce at 06:39 GMT, after hitting its highest level since June 11, reaching $ 1879.48.

Gold rose 0.6% in US futures contracts to $ 1880.20 an ounce.

The precious metal got more support with the decline in US Treasury yields for ten years, which lowers the opportunity cost of holding non-yielding gold.

The dollar fell slightly while supporting the attractiveness of gold for buyers holding other currencies.

The price of silver in spot transactions fell 0.2% to $23.79 an ounce, while platinum fell 0.1% to $1026.86, and palladium fell 0.4% to $2,349.82.

US Secretary of State Anthony Blinken ordered the closure of the US embassy in Kiev and urged Americans to leave Ukraine, citing a rapid build-up of Russian forces near the border.

The precious metal is seen as a hedge against geopolitical conflicts.